The invention relates generally to a data processing system and, more particularly, to a data processing system configured for facilitating purchases of merchandise.
The present economy is being driven by many dynamics. Among them, consumer sales of retail products and services are increasingly being transacted electronically, e.g., through e-commerce, rather than through traditional xe2x80x9cbrick-and-mortarxe2x80x9d retail stores. But because many billions of dollars have been invested in xe2x80x9cbrick-and-mortarxe2x80x9d retail stores, there is great interest in sustaining sales at such retail stores. Attempts by retail stores to stem the tide of sales to e-commerce have been ineffective thus far.
Another dynamic driving the present economy is a trend toward a substantial percentage of consumers conducting retail transactions with credit cards. However, persons under the age of eighteen (minors) are not generally permitted to engage in credit card transactions. As a result, minors are disadvantaged in the marketplace for consumer goods and services.
In yet another dynamic driving the economy, the workforce is becoming more highly educated, and as the work environment is becoming more xe2x80x9chi-techxe2x80x9d and information-oriented, education is becoming increasingly valued and necessary for employees to compete for and obtain jobs. As education is becoming more valued, the price for higher education is also increasing, at a much faster rate than the inflation rate. This concerns many parents who struggle to make ends meet, and also desire to set funds aside to provide the best education possible for their children.
Therefore, what is needed is a system and method which restores and sustains consumer sales of retail goods and services at traditional xe2x80x9cbrick-and-mortarxe2x80x9d retail stores, enables minors to overcome the disadvantages of not being permitted to use credit cards, and which would also enable adults to set aside funds for the education of themselves, their children, and/or other family members or friends.
The present invention, accordingly, provides a system and method which utilizes a data processing system for facilitating merchant transactions. The system includes a computer for processing data, and a storage device for storing data processed by the computer. Data regarding the purchase by a purchaser of merchandise from a merchant for a specified amount of money is entered into the computer. Monetary points are then calculated which are proportionate to a purchase made. The monetary points are then allocated between a first account which may be used by a first person for the purchase of additional merchandise from the merchant, and a second account which may be used by a second person for education at an educational institution. The monetary points allocated to the first account and the second are recorded in the storage device.
By the use of the present invention, xe2x80x9cbrick-and-mortarxe2x80x9d retail stores may take advantage of the benefits of the Internet to better compete with e-commerce conducted over the Internet. Furthermore, minors may obtain many of the advantages of credits cards with club cards. Parents of minors also attain some peace of mind knowing that the club will provide funds for the minors to attend an educational institution such as college or a university.